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Stocks end the week with gains…Ford contract being sent to members for ratification vote…UAW president takes leave

NEW YORK (AP) _ The S&P closed at a record for the third time this week and had its fourth straight weekly gain. The Nasdaq reached an all-time high for the first time since July. Safe-play sectors like utilities lagged as investors stepped up their appetite for risk. The S&P rose 29 points Friday, or 1%, to 3,066. The Dow climbed 301 points, or 1.1%, to 27,347. The Nasdaq rose 94 points, or 1.1%, to 8,386. Bond prices fell. The yield on the 10-year Treasury rose to 1.71%.

DETROIT (AP) _ United Auto Workers leaders have voted to send a contract with Ford to members for a ratification vote that will start Monday. The union says the deal includes more than $6 billion for investment in new products. An engine plant in Michigan will close, but the union says workers will be shifted to a nearby transmission shop. Auto workers will vote at locals around the country until Nov. 15.

DETROIT (AP) — United Auto Workers President Gary Jones is taking a paid leave of absence amid a federal investigation of corruption in the union. The UAW said Jones requested the leave, which is effective Sunday. The federal government has been investigating fraud and misuse of funds at the UAW for more than two years. In a recent court filing, federal prosecutors alleged that seven top UAW officials conspired since 2010 to embezzle funds through schemes such as submitting false vouchers for conference expenses. Jones has not been charged.

WASHINGTON (AP) _ President Donald Trump says Iowa is one of the places being considered for the signing of a trade agreement between the United States and China. Chile announced Wednesday that it was canceling a planned event for mid-November due to demonstrations in Chile. Now the U.S. and China are looking for an alternative location. Farmers have been hit hard by the trade war. Trump has been trying to assure them that they will come out ahead in the end.

UNDATED (AP) _ Published reports say the U.S. government has launched a national-security review of the China-owned video app TikTok, popular with millions of U.S. teens and young adults. The reports say that the interagency Committee on Foreign Investment in the United States has opened an inquiry. Several senators have recently noted concerns about censorship and data collection on TikTok.

Associated Press


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